JPM OFS and Equipment: Weekly Insights & Analytics: Key OFS Themes Ahead of Our JPM Energy Conference Tomorrow

Research evidence excerpt

JPM OFS and Equipment: Weekly Insights & Analytics: Key OFS Themes Ahead of Our JPM Energy Conference Tomorrow

J P M O R G A N North America Equity Research

23 June 2026

JPM OFS and Equipment

Weekly Insights & Analytics: Key OFS Themes Ahead

of Our JPM Energy Conference Tomorrow

JPM View: Heading into our JPM Energy Conference tomorrow, we take a look Oil & Gas Exploration & Production

ACat the OFS landscape ahead in our conference preview, defined by a decisive shift Arun Jayaram

in pricing power, operational discipline, and regional catalysts, with the (1-212) 622-8541

implications of the Strait of Hormuz reopening and the U.S.-Iran ceasefire setting arun.jayaram@jpmchase.com

the stage for a major Middle East infrastructure cycle. We believe the dynamic Sowmya Vemulapalli

between OFS providers and E&P operators is poised to be one of the more (1-212) 270-4660

interesting discussion points, as service companies (HAL, SLB, LBRT, WFRD, sowmya.vemulapalli@jpmchase.com

FTI) telegraph early signs of recovery in frac and rig activity, expecting pricing Jason Kim

increases to drive margin expansion, while E&Ps cite muted inflation in the field (1-212) 622-1408

jason.b.kim@jpmchase.com

and operational efficiencies offsetting cost pressures. The reopening of SoH J.P. Morgan Securities LLC

unlocks logistics normalization and revenue conversion for Middle East-levered

names (SLB, NESR, WHD, NOV), with SLB’s scale and recovery-oriented mix

positioning it to capitalize on rapid restarts and increased demand for well Recent Thematic Work:

intervention, and NESR’s localized supply chain absorbing extra freight costs that 2026 OFS & Equipment Outlook

should drop as shipping routes normalize. Against this backdrop, we see the Big